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GBPJPY: Low level oscillation
2022-11-15
1075
Fundamental analysis:
The pound remained volatile against the yen at 164.423. The British Chancellor of the Exchequer Hunter will announce tax increases and spending cuts this week, which will aggravate the upcoming economic recession in Britain. Economists also predict that the UK will fall into recession in 2023. However, it is worth discussing the scale and depth of the recession. This largely depends on the decision of the Sunak government.
GBPJPY - 4-hour K chart shows:
Technical analysis:
The 4-hour chart shows that after the bearish power maintains the shock and moves downward, it gets support in the short term and reverses and moves upward, but the subsequent power of the upward movement is insufficient. The market falls again. The overall market is in a low weak shock, the MACD index is in the short position area, and the RSI index is hovering below the 50 equilibrium line;
Empty turning point: 164.560
Pressing: 165.093, 165.660
Support: 163.860, 163.277
Trading strategy: bearish at 164.560, target 163.860, 163.277
Alternative strategy: bullish above 164.560, target 165.093, 165.660
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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